Assessing your
finances

A cancer diagnosis can have a negative impact on your finances. At a time when you may have extra expenses, you may also need to take time off work. But this doesn’t always mean your income will completely stop. Assessing your situation is the first step in planning ahead to meet your needs.

Employers should make ‘reasonable adjustments’ to help you continue working. You, and your partner, relatives or carer(s) may have the right to request flexible working. You might also be eligible for sick pay or state benefits. Check with your HR department to find out if they have their own scheme. If you have been absent for at least four consecutive days, you may qualify for Statutory Sick Pay.

Considering your main financial needs will help focus your priorities. These will be different for everyone and may change with time. For many people, managing debts, buying a home, saving for retirement or setting aside emergency funds are important. Call our financial guides on 0808 808 00 00 for personal advice on your individual situation.

'Having an adviser took away some of the stress and worry so that I could focus on recovery.'

Will you need to take time off work?

You will usually spend some time in hospital and away from work when having tests and treatments. The symptoms of cancer or the side effects of treatment may also make it harder to work.

For some people, these effects will be temporary. Others may need to make permanent changes to their working lives. Many people find they’re unable to work while having treatment.

If you need to take time off work, it may affect your income. But it doesn’t necessarily mean your income will stop completely. You may be able to claim sick pay, get state benefits, or get other financial help.

Employment rights

Employers also need to make ‘reasonable adjustments’ to help you keep on working under the Equality Act 2010 (in England, Scotland and Wales) and the Disability Discrimination Act 1995 (in Northern Ireland). These laws protect people affected by cancer and their carers from discrimination.

Are your expenses going to increase?

hospital parking (although people with cancer are entitled to reduced-cost or free parking in some situations)

increased energy bills if you’re more sensitive to the cold or staying at home more

childcare costs if you have children.

You may be able to get help with these costs. To find out more, call our welfare rights advisors on 0808 808 00 00. If you live in Northern Ireland, visit the NI Direct website for help with expenses.

Remember that prescriptions are free for people living with cancer across the UK. This includes medication not related to cancer.

Do you have any big expenses coming up?

Some people with cancer need to make big purchases, such as buying a new bed or adapting their car. Think about whether this might apply to you. Call the Macmillan Support Line on 0808 808 00 00 for more help from one of our financial guides.

What help is available to the people supporting you?

You may have a carer who helps you with everyday tasks, for example by helping out with your shopping or driving you to appointments. They may have to take some time off work to care for you. This could affect their income.

If they have an employer, they have the right to request flexible working if they are:

your husband, wife or civil partner

a near relative

someone you live with.

They also have the right to take a reasonable amount of unpaid time off work in an emergency to look after you. The law also protects carers against discrimination.

What are your main financial needs?

Having some money set aside that you could access easily in an emergency.

Getting any debts under control.

Making sure your family is financially secure.

Buying your own home.

Saving for retirement. You may consider this to be lower down the list of priorities if your finances are under a lot of strain. But pension schemes may include benefits for your family and give you long-term security, so it’s best to keep saving for retirement if you can.

Making other plans, such as saving for holidays or your children’s future needs, or borrowing money to adapt your home.

Everybody has different financial needs. So your priorities may not be in the same order as the list above.

To help you think about your financial needs, the Money Advice Service has an online financial health check questionnaire. It asks you questions about your situation and then suggests steps you could take to plan ahead.

Related

Get involved

We want banks and building societies to help their customers manage the cost of cancer. Campaign with us - call on the Government to change the law so that financial services providers have a duty of care towards their customers.

Thanks

We rely on a number of sources to gather evidence for our information. If you’d like further information on the sources we use, please feel free to contact us on: bookletfeedback@macmillan.org.uk

All our information is reviewed by cancer or other relevant professionals to ensure that it’s accurate and reflects the best evidence available. We thank all those people who have provided expert review for the information on this page.

Our information is also reviewed by people affected by cancer to ensure it is as relevant and accessible as possible. Thank you to all those people who reviewed what you're reading and have helped our information to develop.

You could help us too when you join our Cancer Voices Network – find out more at: http://www.macmillan.org.uk/cancervoices

We make every effort to ensure that the information we provide is accurate and up-to-date but it should not be relied upon as a substitute for specialist professional advice tailored to your situation. So far as is permitted by law, Macmillan does not accept liability in relation to the use of any information contained in this publication or third party information or websites included or referred to in it.